Form 10-IEA must for professionals opting for old I-T regime

Vijay C Roy

Chandigarh, June 23

If you are a business owner or professional and want to continue with the old income tax regime in the current fiscal, then you have to fill Form 10-IEA. Till FY23, such individuals were required to submit Form 10-IE to opt for the new tax regime.

Taxpayers who don’t have income from business or profession can simply select the new regime in the ITR form without filing any form.

In a circular, the Central Board of Direct Taxes said to opt out of the new tax regime, such a person having income from business or profession should submit Form 10-IEA “on or before the due date specified under sub-section (1) of Section 139 of the Income-tax Act, 1961 for furnishing the return of income for such assessment year.”

For FY 2022-23, the old tax regime is the default option, however, as the new tax regime becomes the default option from FY2023-24, business owners or professionals will have to specifically opt for the old tax regime if they wish to continue with it.

According to a senior tax consultant, “From FY 2023-24, taxpayers not carrying on any business or profession can opt for old regime simply by ticking the checkbox in their ITR forms while taxpayers carrying on business and profession can opt for old regime by filing form 10-IEA.”